Hello and welcome to Thunderful Group conference call for Q3 2021. Throughout the call, all participants will be in listening only mode, and afterwards there will be a question and answer session. Today, I am pleased to present CEO Brjánn Sigurgeirsson and CFO Anders Maiqvist. Please begin your meeting. Yes. Hello, everyone. We would like to welcome you, our existing shareholders, potential new shareholders and the general public to sunny, beautiful Stockholm, and this presentation of the Q3 2021 in Thunderful Group. Go to slide two, please. Today's presenters are these two guys. It's me, Brjánn Sigurgeirsson. I'm the CEO of Thunderful Group, and it's Anders Maiqvist, the CFO of Thunderful Group. Go to slide three, please. We'll start by looking at the key highlights for the quarter. Please go to slide four. The games segment of Thunderful Group shows continued strong growth and profitability. We'll see later in the presentation that this segment has showed very strong and steady growth for the past Q4. Now expanding the game segment has been our main focus throughout, and it feels that we are certainly on the right path. In other news, we've had 12 game releases in the quarter, and we've also acquired two game studios. We bought To The Sky, which is a studio of industry veterans based in Gothenburg, Sweden. They're a start-up, which is unusual for us, but when they pitched their game idea to us, we felt we needed to be a part of their exciting journey. We also bought Stage Clear Studios who are based in Madrid. They're an excellent porting house, meaning that they will help us create versions of our games to all platforms. They also have some quite interesting game ideas that we want to cultivate. In short, it's been a very good quarter for our games segment. That's where we invest, and that's where we intend to grow. If we go to slide five, please. In more detail on the key highlights, it's been a fairly stable quarter overall. We've had fantastic operating income growth in Games at almost 200%. Distribution has faced challenges in the supply chain when compared to the strong Q3 2020. Overall, our operating income is down 1.6%. Our EBITDA is up around 7% and EBITDA is down 3% year-on-year. CFO Anders, he will go through the figures in more detail in the financial portion of this presentation. Let's go to slide six, please. Let's have a quick look at Thunderful Group and our key strategy. Let's go to slide seven, please. We operate in two segments that we call Games and Distribution. While the distribution business covers the Nordics, the games business is global. We sell our games all over the world. At the end of the Q3, we reached another milestone. We're now more than 400 colleagues across Europe. We got 13 internal games in development at this moment, and we got an additional 26 games from external developers in our pipeline. Across the segments, we manage a portfolio of around 100 brands, and we kept our famous Nintendo partnership for 40 unbroken years now. Let's go to slide eight, please. Yeah. Our business rests on three main strategies. For starters, we accelerate investments. We want to constantly increase investments in game development and publishing. We want to acquire complementary businesses and IPs, and we also want to acquire gaming companies that continue to operate with a great deal of independence. Second, we want to keep our IPs, and we want to maintain them. We want to use our IP rights and brands to also reach outside of gaming into new mediums. We make sure that our products are available on relevant platforms and in proper channels. In gaming, we prefer to work with our own IPs first and foremost, and in distribution, we work to increase our share of own brand. Finally, quality is really at the core of Thunderful Group, not only in our products, but also in how we do things. We maintain a can-do culture. We make sure to keep and develop our staff, and we make sure to keep and develop our collaboration and partnership. Let's go to slide nine, please. Here let's have a look at the two business segments, Games and Distribution. Let's go to slide ten, please. Our two business segments, they complement each other. We have a Games segment that's growing rapidly, both in terms of financial results and share of the total, but also in terms of organization. Games share of our net sales is now above 13%, so it's climbing steadily. Again, Games has a majority share of the adjusted EBITDA in the group. Let's go to slide 11. As you can see, both the net sales and adjusted EBITA of the Games segment has more than quadrupled compared to the Q3 last year. Net sales have gone from 27 million to just short of SEK 100 million today. If you look on the right side, you can see that the adjusted EBITA of the Games segment has gone from 11 to over SEK 50 million. As mentioned, this quarter Games is at 58% of the total of EBITA. Let's go to the next slide 12. Just a quick overview of the game segment. Within games, we do a few things. We develop games mainly based on our own IP. As mentioned, we're convinced that quality is vital to earning success. Our recent Metacritic scores are simply best in class among our peers, and we're now more than 260 game developers across Europe. We publish our internally developed games, but we also publish games developed by others. As a part of our publishing business, we also invest in externally developed games. Investment in external games is an area that we want to expand in the future. After the quarter, we started a third division in games that we call Thunderful Investment, so that we can invest directly into game projects, which is a more hands-off approach than both development and publishing. At the end of the quarter, we had committed SEK 145 million in our pipeline of externally developed games. Now, with the new initiative, Thunderful Investment, we believe that we can vastly increase the number of tickets we hold, and we believe there will be strong synergies with the divisions we already have, development and publishing. That ticks an important box for the games segment. That means that we're now a 360-degree game company that offers development, publishing, investment, and M and A. Let's go to slide 13, please. We look at the pipeline here over the next few slides. On this slide 13, we were showing the titles that we released in the Q3. We released 11 titles in the quarter, and we added a title from our acquisition after the period that we announced today, Early Morning Studio. Among the games that we listed here, is Lost in Random that was developed internally in Gothenburg and published by EA, and that was released in mid-September. By the end of September, it had recouped investment. The game has had great reviews when it come out across the board and maintained the Metacritic level that we want to attain. Other games that have attracted a lot of attention in the quarter are Islanders: Console Edition and Industria. I think if you look at this lineup, you can see that we have a great width among our game genres, and that's something that we certainly want to keep up. Let's go to slide 14, please. These are games that we have released after the end of the quarter and until today. We've released five games after the end of the quarter. One of these is Wavetale, which we developed in-house for the Stadia platform, and that we showed during our highly appreciated digital event in November called Thunderful World. Wavetale is coming to additional platforms next year, and the fishing game Moonglow Bay has also been received really, really well. Let's go to slide 15. During the Thunderful World event, we also teased an upcoming SteamWorld game called SteamWorld Headhunter, and that was highly appreciated. We also showed The Gunk, which is coming exclusively to Xbox and I would say that Microsoft are promoting The Gunk out of the ordinary. Let's go to slide 16, please. At Thunderful World, we also showcased some of the 26 external games that we have in our release pipeline for the next two years. It should be noted that these 26 titles are in addition to the games that we are developing internally. We can fit all of the upcoming titles on one slide, so here's the first half. Let's go to the next slide, please. Slide 17. Here's the other half. Among the already announced ones in 2022 and 2023, we have anticipated releases like Replaced, Super Meat Boy Forever, and Planet of Lana. Let's go to slide 18. Quickly about the distribution segment that consists of three companies. First, there's Bergsala that has held the license to sell all Nintendo products in the Nordics and Baltic States for a very long time. We've held this agreement for around about 40 years. Then there's Amo Toys, our toy distributor that holds the MGA license, the product that we all supply. Finally, there's Nordic Game Supply that distributes consoles, games, and gaming accessories, where we hold the licensing for Razer, HyperX, the Victrix series products and others. Let's go to slide 19, please. That marks the end of the business segment. Our CFO, Anders, will go through the next portion. Let's go to slide 20, please. Thank you, Brjánn. Good morning, everyone. In the third quarter, we've seen a negative growth in the net sales with -3% year-over-year, reaching SEK 739 million in this quarter. The game segment has a growth of 267%, while the distribution segment is -13% year-over-year. For adjusted EBITDA, we have negative growth with -3%, reaching SEK 85 million in this quarter. The game segment contributes with a growth of SEK 40 million, while distribution is down with -SEK 49 million. The operating cash flow in the third quarter is -SEK 206 million, and this is caused both by inventory buildup in distribution, but also some mix effects within the distribution companies. I will present that in the last slide of the financial section. Move on to slide 21, please. For the games segment, the growth in net sales year-over-year is 267%, reaching SEK 99 million in this quarter. The organic growth is negative, and all the growth in this quarter is from companies that we've acquired in the recent 12 months. For organic growth, we have released the first of the three AA titles being developed by the Swedish organic game development companies now in the Q3. We haven't booked any revenues from the release of Lost in Random yet as the external publisher hasn't recouped their investment in the third quarter. Looking at the profitability, adjusted EBITDA is up more than 350%, reaching an all-time high of SEK 51 million. The EBITDA margin in relation to operating income in this table reaches 45%. If we should put adjusted EBITDA in relation to net sales, it is actually as high as 52% in this quarter. The margin is higher compared to the previous quarter, Q2, mainly based on higher EBITDA margin in distribution, but also from better profitability in the publishing division. Move to slide 22, please. For the games investments in this quarter, we've reached an all-time high in the development CapEx as two non-capitalized game development projects were finalized in the Q3. It was both Lost in Random released in the Q3, but it was actually also Wavetale that we released and announced at the Thunderful World event on the 10 of November. As a consequence of the finalized non-capitalized projects, a larger portion of the Swedish dev team is working on game development projects that are not being capitalized. In this quarter, we've made two smaller acquisitions. So the net cash portion of those acquisitions is pretty similar to the investments that we do in our game publishing pipeline, both of them being about SEK 8 million per quarter. Move to slide 23, please. For the segment distribution, we have a negative growth of minus 13% year-over-year, and we are once again seeing high levels of diversity among the subsidiaries. For Bergsala, the decrease is minus 31%. It's primarily driven by the challenges in the supply chain, and we do have higher customer demand on Nintendo hardware than what we can fulfill. For Nordic Game Supply, we are up almost 40% year-over-year. It's still so that the brand Razer is the top contributor to the growth, even though we now have full distribution of Razer also in the comparison quarter. Razer is still growing year-over-year as the top contributor in Nordic Game Supply. All other sales is down -18%. This is primarily driven by some late inbound shipments. They were scheduled for arrival in September, but they haven't arrived at the warehouse until the first half of the Q4. Looking at profitability measured in EBITDA in distribution, the negative growth is -53%. This decrease is mainly driven by Bergsala with - SEK 27 million in EBITDA year-over-year. This is all related to the negative growth in net sales, and it's actually so that both gross margin and OpEx are very similar in Bergsala year-over-year. For both Nordic Game Supply and Amo Toys, we see a pressure on EBITDA margins this quarter. In Nordic Game Supply, this is caused by a mix of lower gross margin and increased logistics costs from the inventory buildup in Q2 and Q3. In Amo Toys, the lower profitability is mostly related to increased logistics costs. We did see a significant inventory buildup in the previous quarter, the Q2 2021. By the end of this quarter, Nordic Game Supply has significantly higher inventory levels compared to last year. While Bergsala actually has lower inventory levels compared to previous year. Almost always have higher inventory levels, but not in the same magnitude as Nordic Game Supply. Move on to slide 24, please. Well, for the consolidated group, organic net sales is down - SEK 104 million, but the distribution segment makes up 95% of this. The net sales from the companies acquired within the last 12 months is growing with the SEK 78 million. Move to slide 25, please. As for the development of the adjusted EBITDA, nearly all growth is related to the games companies acquired during the last 12 months, while we see a decrease in both organic games and distribution. Organic EBITDA development in games is caused by negative net sales development, and also reduced margins, since we have a bigger portion of publishing sales compared to the previous quarter. As mentioned before, we haven't booked any revenues yet for the AA game, Lost in Random, that we released in the Q3. Speaking about organic development, it's worth to mention that Coatsink, if we should compare Coatsink's growth compared to the third quarter of 2020 before we bought the company, the organic growth compared to management accounts is around 350% year-over-year. Move on to slide 26. For the operating cash flow, that's an acquisition adjustment of about SEK 8 million in this quarter, which is the difference between the two graphs showing operating cash flow. The operating cash flow is -SEK 206 million, a reduction of -SEK 275 million. The net debt position is -SEK 23 million. That gives a net debt versus LTM EBITDA of 0.1. The operating cash flow is negatively affected by the LTM development in change in working capital. If we move to the next slide, 27. We see that the inventory buildup causes almost SEK 120 million of the total development of SEK 267 million. It's also so that the net effect from accounts receivable and accounts payable is accounting for -SEK 187 million. This is primarily caused by the effect in accounts payable being a consequence of the fact that Bergsala's inventory levels are lower year-over-year, while the other two distribution companies make up the inventory buildup. Bergsala has significantly higher DPO than the other two distribution companies, which are mainly sourcing from Far East with prepayments as the most common payment method. Thank you. Anders, should we go to the next slide? Slide number 29. Sorry, I jumped now to slide 29. They're talking about what we've done after the quarter. After the quarter, we've done a number of things. Among that, we've acquired two gaming companies. The first one was Robot Teddy, the company that does business development and strategy work for particularly successful developers in games, such as Among us and Gang Beasts. They also know quite a bit about investing in games, which is very interesting to us. They're 11 employees right now, and they've got healthy sales and EBIT. Their headquarters is in Newcastle, England, but they're distributed all over the world. Let's go to slide 30 to give a little bit more flavor on Robot Teddy. I mentioned our new division, Thunderful Investment, earlier. The team at Robot Teddy, they have their ears very close to the ground, and they have very important connections in the gaming community. They simply have the trust of certain developers that most of them don't. Robot Teddy, therefore, they will lead the work with talking to studios that have exciting game projects that we want to invest in, both regular games and VR games. Anders, could you talk a little bit about the transaction section on this slide? Sure. For Robot Teddy, we paid an upfront consideration of GBP 10 million, of which GBP 7 million was in cash and GBP 3 million in shares. We have an earn out structure up until the end of 2025 with both financial and operational targets. The maximum earn out consideration is GBP 12 million, of which a maximum of GBP 4 million can be paid in Thunderful shares. As a consequence, the total maximum consideration is GBP 22 million, and we have an upfront EV/EBIT multiple of 3.7x EBIT for the 12-month period ending in August 2021. Move to slide 31, please. Thanks. Yeah, I will talk a little bit. Yes, on slide 31, we also acquired Early Morning Studio, a free-to-play mobile games developer in Stockholm, Sweden, that we announced today. Early Morning Studio also have a healthy sales and EBIT, and they paved the way for us into games as a service. Let's go to the next slide to dive into a little bit more detail. We feel that Early Morning Studio, they're joining us at the perfect time. They have their own IPs, and they've carved out a good niche for themselves in the free-to-play space. They've released two titles so far, and they're about to release their third. They're on an upward curve, and we're really excited to be a part of that journey. Early Morning Studio released primarily on mobile platforms, and their expertise there will help support us as we continue to grow mobile alongside our console and PC business. Our aim and rationale is to expand into games as a service, but we want to do so with care and one step at a time. The knowledge of Early Morning Studio of how to make engaging free-to-play titles that will serve as a good inroad for us into the mobile segment that obviously gigantic and still growing. In addition to that, I think we have a good setup. It's a good model. We have a good ratio between the upfront payment and the earn-out model. Perhaps, Anders, if you want to talk about that on the next slide, 33. Yes. For Early Morning Studio, we are paying an upfront consideration of SEK 80 million, of which SEK 45 million is in cash and SEK 35 million in newly issued Thunderful shares. The maximum earn-out consideration is SEK 217 million, being payable in up to 50% in shares and the remainder in cash. I will give some details about the earn-out structure in the next slide. First, looking at the financial performance this year, Early Morning Studio is expected to deliver SEK 17 million-SEK 19 million in net sales with an adjusted EBIT of SEK 12 million-SEK 13 million, this year. This gives a mid-range EV/EBIT multiple of 6.4 for the upfront consideration, and this is somewhat higher than what Thunderful Group has been paying historically. That should be seen in the light of the recent growth and also the structure of the future earn-out. If we move to slide 34. In the earn-out model being capped to SEK 217 million, there is an initial earn-out payment in 2022 for the potential overperformance in 2021. The first earn-out is capped to SEK 60 million, and if any portion of it is being paid, it will decrease the upfront multiple from 6.4 to a lower multiple. Secondly, the sellers of Early Morning Studio will only receive earn-outs if they meet certain future EBIT thresholds. The earn-out is 1x EBIT up until 2026. In the light of the financial performance in 2021, where Early Morning Studio is expected to reach SEK 12 million-SEK 13 million in EBIT, the sellers will only receive earn-outs for the first earn-out period, that is 2022 plus 2023, if the accumulated EBIT for those two years exceeds SEK 58 million. That gives an average EBIT of SEK 29 million per year, which is significantly higher than this year's performance of SEK 12 million-SEK 13 million. The table on this slide is also presenting the future thresholds for the remaining years. That was it. That concludes our presentation for now. Thank you, Anders. Please, Mr. Moderator, where do we go from here? We can move on to some questions from the teleconference. Love it. Our first question comes from Oskar Eriksson from Carnegie. Please go ahead. Good morning, guys. A couple of questions from me, starting with the gaming segment and the impressive profitability here in Q3. Could you talk a little bit about what drove the higher profitability in the gaming segment and also in publishing? Was it related to Industria release? Or is there anything else in the game segment, except the Facebook Oculus deal, that is worth mentioning here? Thank you. There was a little bit of a disturbance there. Could you repeat, Oskar? Sorry about that. Yeah, sure. Just asked about the profitability in the gaming segment. Is there anything worth mentioning here except for the Facebook Oculus deal? Is the Industria title a key driver? Is there anything else? Thank you. Yeah. Sure, Oskar. Thank you. Industria has had good performance, but it was also released on the last day of the Q3. Apart from that, we've also seen some good performance from Coatsink's title, Islanders, released in mid-August. Also Source of Madness from Thunderful released in the latter half of September. I think those three games are the main contributors to the game segment of the releases in the Q3. Great. Then the question on Q4 releases here after the exciting event last week. First of all, Wavetale is the name of the Google Stadia title that's been unannounced previously. Could you talk a little bit about the revenue potential in Q4? Should we expect anything from Google Stadia? What's the structure of the deal, if you could remind us? Also what's your take on sort of the initial reception of the release and the potential on console in 2022? Thank you. Yeah. First, a couple of sentences about the sort of model and the structure with the Stadia, and then Brian can tell you a little bit about the reception. The game has been released at the day of the Thunderful World that was tenth of November, but that was for Stadia only. In the agreement with Google, we can also release it to other console platforms and PC platforms. As stated in the event, that will be in 2022. In the Q4, it is only being released to Stadia, and the other consoles and PCs is scheduled for 2022. Yeah, very good. Wavetale has been received very well. It's hard to gauge a Stadia release on Metacritic scores due to the state of the Stadia platform. We've had a great relationship or collaboration with Google on the title. They've been very keen to keep Wavetale as a title for Stadia. They also, the release is quite unusual, of course, that you release it without a notification ahead of time. It was a cool way to do it together with Google. They thought this would be a very smart way to reach out with the game, and so did we. People who have played the game are. I'm almost resorting to puns here, but they are diving into the game head on. It's a quite immersive game, and it's a Zen-like gameplay where you ride the waves, search to resolve the mystery of what has happened to your sister. The reception has been very nice. In terms of reviews, it's very hard to find reviews since the Stadia games are not being reviewed as extensively as PC or console releases. As Anders mentioned, we are bringing the game to other platforms as well in early 2022. We're very much looking forward to that. Perfect. Thank you. Moving on to distribution, just one question there. You mentioned in the report here that gross margins will be thought lower ahead here due to transportation costs. Is it correct that Amo Toys is expected to see the most impact on EBIT? I would have sort of guessed that perhaps Nordic Game Supply customers in general are a little bit larger and tougher to negotiate with. Any flavor here would be appreciated. Thank you. Yeah, sure. I'd say that already in the third quarter, we've seen gross margin trending down in Nordic Game Supply. Not as much in Amo Toys as in Nordic Game Supply. I mean, basically Amo Toys is sourcing all of their products from Far East, being hit by more expensive containers, so it's more expensive to bring them to the warehouse. It's actually also so that Nordic Game Supply has a rather big portion of their suppliers being in Far East. That means that a lot of goods is coming with containers also in Nordic Game Supply. We've seen margins trending down in Nordic Game Supply in the Q3. I wouldn't say that we expect a major difference between the third and the fourth quarter in Nordic Game Supply. In Amo Toys, there is a risk that gross margins will be somewhat affected in the fourth quarter compared to the third quarter. That is basically due to the fact that we are selling more products that we've received now recently in the Q4. Understood. I will leave it for now. Perhaps just one last question there. It's possible to quantify for distribution in Q4 here on what you expect. Obviously you have very easy comparisons year-over-year in Amo Toys, but what is reasonable to expect in terms of EBITA margins in Q4 and guidance, I think, or indications would be helpful there? Yeah, sure. I'd say that, you know, we've seen that net sales is down compared to in the Q3 compared to last year. For the Q4, I mean, the natural effect similar to what we had in the first and Q2 this year. It's naturally so that a big portion of the or a big reason why the net sales is going down in the Q3 is the fact that shipments are being delayed to our warehouse. So that sale will be generated in the fourth quarter instead. The net sales yeah shouldn't be very bad compared to our sort of own forecasts. As you say, the comparison quarter isn't good at all, but that was also based on the COVID situation. From an EBITDA margin level, we are expecting somewhat lower EBITDA margins than what we typically have at the same level of net sales as we are expecting for the Q4, based on the logistics costs. It's not significantly lower, so to speak. It's only generated by logistics costs. Understood. Thank you very much. That's it for me. Thank you, Oskar. Our next question comes from Viktor Lindström with Redeye. Please go ahead. Hi, Viktor. Hi. Hi, good morning, guys. Good morning. Two questions on today's acquisition. First of all, Early Morning seems to have one release scheduled for next year. But how many games do they have under development? Oh, that's a great question. Currently they are only doing one game at a time. Stated in our report, they released Vampire's Fall: Origins early August 2021. After that there are some team members maintaining, doing maintenance and services for the Vampire's Fall: Origins. All of the others have moved to Vendir: Plague of Lies, which is the game being scheduled for next year. There is no other game currently being in development. That's that sums it up. I should say when we, I mean, obviously Early Morning Studio is a Games as a Service company. When they release the game, they will have to, like Anders said, there's maintenance and creating new content, et cetera, for the games continuously being made. That means that as long as a game is successful that they release, then that becomes a new long tail revenue stream for them, which is really interesting. Sort of, they've also—I think also Early Morning Studio, they have hit on something that is really good. Not only do you work with Games as a Service in that way, but you also sort of tap into the same fan base with every new game. They're making old school RPG games where the gameplay differs from game to game, but where the vibe is the same and you get this ecosystem of games that sort of feeds off each other. I think this is really interesting to us to do the inroads into the mobile space in this way. We've obviously released mobile games before, but then in a premium title. This is really interesting and it'll be a lot of fun to walk alongside Early Morning Studio and make sure to grow the team so that the games can be supported in the best possible way. Early Morning Studio has a lot of great ideas going forward as well. Right. Understood. The follow up. Sorry to just leap there, Viktor, but with a long answer, please. Yeah. How is revenue split between the two titles, on the current year's fiscal guidance? You mean between the two titles that they have already released? Yeah In 2021 up until now? Yeah. Okay. Yeah, the last game was released in August 2021, so up until then that's only been one game released. The new game has been trending very well. It has a strong momentum and yeah, we've kind of included that in our forecast for this year, for 2021. Yeah, both games are still doing well. Of course, the recent release, Vampire's Fall: Origins, is trending upwards and has been doing that since August. All right, great. That was all for me. Thanks. Thanks a lot, Viktor. As a reminder, if you do wish to ask a question, please press zero one on your telephone keypad. Our next question comes from Oskar Eriksson with Carnegie. Please go ahead. Thanks. I'll jump in with one or two more here. One that's on Gunk as well now and all for mid-December. You mentioned a lot of marketing behind the title. What can you say about the sort of initial takeaway on interest, trailer reviews, early tests of the game? Anything that you can share would be interesting. Thank you. The Gunk is being made by the Image & Form team that I know intimately, of course. Well, I know a lot of our game developers, but those are the guys that I've worked most closely with, of course, over the years. The game is being tested. I mean, the development process is that the game is tested every two weeks. At the end of a sprint, the game is tested and bugs are eradicated. It's typically a process where the game bugs are not allowed to exist for more than two weeks. To answer another facet of testing is people who are testing the game or playing it are liking it a lot. I was mentioning Zen mode in when I was talking about Wavetale just now. The Gunk is another type of Zen mode game where your team that has arrived at this surprisingly lush planet, you need to get rid of the gunk that covers, that is just an alien goo that needs to go. It has all the Zen elements that in real life house cleaning should have but never have. You walk around and clean up this planet and while you're doing it, you're sort of unraveling what has happened to the planet and then you get a chance to make a difference for it. When people are testing it, when they are asked afterwards, typically, when they get asked how long they think they have been playing, they haven't realized how much time has passed. It's a game that you sort of really get sucked into. I would say that it's what we expect from the game and also what we expect from the team. This is typically how testing proceeds with games from the Image & Form team. Testers are happy and wanna play more. Sounds good. Sounds good. Thank you. Another question for Anders again. First of all, some gross margin pressure here in Q4, as we discussed. When do you see that pressure from freight costs disappearing, or just being much less of an impact, is it Q1 next year, Q2? And also could you say something about what you see for Q4 in terms of cash flows, given the working capital build up here in Q3? Thank you. Yeah, thank you. Yeah, I'd say if we're starting with a cash flow question, it's really so that we have a double up effect here from the fact that Bergsala's inventory level was lower based on the lack of purchased hardware. So we don't receive a number of consoles that we would like to, and the customer demand is higher than what we can fulfill. So that means that Bergsala having the highest DPO and being the distribution company with a decent credit line to the supplier is then causing a negative cash flow effect, both in accounts payables but also in inventory levels. Then the other two companies are building up inventory value, especially in Nordic Game Supply then. It's also so that, I mean, Nordic Game Supply has been outperforming its comparison quarter- every- quarter this year. We have now sort of secured product availability for the fourth Q4. Again, I mean, I would expect that Bergsala looks basically the same by the end of the Q4 as it did last quarter since we didn't have much hardware in stock by the end of last year as well. It's likely that, you know, we won't have inventory build up in Bergsala in the Q4 either. Then for Nordic Game Supply, I mean, we now have the product available. We will hopefully sell as much as possible in the Q4. It's more or less a question of whether we have time to convert the accounts receivable to cash or not. It should, I mean, ideally, that should happen in the Q4 or in the Q1, based on the fact that accounts receivable will convert to net cash flowing forward. Great. The question on gross margin pressure, do you expect that to ease into Q1 and Q2? Yeah. Good. It's difficult to say, but what we see right now, I mean, in Nordic Game Supply, most of the purchases have been made in this year for the peak season. The Q1 is typically not a quarter where we have a lot of inbound deliveries in Nordic Game Supply. Amo Toys is kind of a different situation where we do receive our spring/summer products already in the Q1. But when we talk to our suppliers in terms of container handling and taking care of the shipments to our warehouse, we don't really see that the container prices is going back to a normal level anytime soon. I would not expect that to happen in the first or the Q2 next year. Okay. Thank you. There are no further questions. I hand back over to our speakers. Okay. Well, we would like to thank you very much for interest shown and for having patience with us during this presentation. We look forward to talking to all of you at given occasions. Thank you very much. This concludes our teleconference. Thank you all for participating. You may now disconnect your lines.